{"id":427158,"date":"2020-06-12T10:00:56","date_gmt":"2020-06-12T10:00:56","guid":{"rendered":"https:\/\/wncen.com\/?p=427158"},"modified":"2024-06-11T07:26:38","modified_gmt":"2024-06-11T07:26:38","slug":"massive-bitcoin-buy-wall-9000s-bullish","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/massive-bitcoin-buy-wall-9000s-bullish\/","title":{"rendered":"A Critical Bitcoin Buy Wall Appears in the Low-$9,000s: Win for Bulls"},"content":{"rendered":"

It’s been a brutal past 24 hours for Bitcoin<\/a>.<\/p>\n

After attempting to secure $10,000 as support on June 10th, the cryptocurrency failed to do so, diving instead of rallying<\/a> as most investors were expecting.<\/p>\n

The weakness culminated in a $1,000 drop lower on June 11th that took place over the course of approximately eight hours. During the drop, approximately $80 million worth of positions on BitMEX alone were liquidated, crushed as the $9,500 support was rapidly lost.<\/p>\n

The bull case is getting a strong boost with the news that a buy wall has appeared on Bitfinex, though.<\/p>\n

Bitcoin Buy Walls Appear, Boosting Bull Case<\/strong><\/h2>\nA trader shared<\/a> the chart below on June 11th, showing that according to the Order Book Dominance Bands indicator, a massive block of buy orders have appeared from $8,600 to $9,000 for BTC.<\/p>\n
Although this may suggest that the cryptocurrency has room to drop from the current price of $9,300, such a large confluence of buy orders shows that buyers believe there is upside ahead of Bitcoin.<\/p>\n
$\"Bitcoin$
Bitcoin price chart with OB Dominance Bands indicator shared by crypto trader Coiner-Yadox (@Yodaskk on Twitter). The chart is new.<\/figcaption><\/figure>\n
As indicated below, whenever there has been strong buy support over the past few months, the cryptocurrency has rallied. Furthermore, whenever there was a confluence of sell-side orders, the trend topped.<\/p>\n
$\"Long-term$ <\/p>\n
Related Reading: Ethereum Is \u201cCoiling\u201d for a Breakout as ETH 2.0 Nears: Here\u2019s What Analysts Are Saying<\/a><\/h6>\n
Weak Stock Market Could Crush Bull Narrative<\/strong><\/h2>\n
The bull case may still be in play, but a tumbling stock market could change the narrative.<\/p>\n
Bitcoin’s weakness on June 11th came as the S&P 500 and Dow Jones saw their worse performances<\/a> since the extreme weakness seen in March and April, both falling around 6%.<\/p>\n
As Avi Felman of BlockTower Capital\u00a0 observed<\/a>, \u201cthe tick for tick with the SPX is back baby.\u201d This comment was referring to analyses from March and April that revealed Bitcoin and the S&P 500 were trading in tandem, with prices moving together down to the minute.<\/p>\n
\n
Tick for tick with the SPX is back baby \ud83d\ude4f\ud83c\udffd<\/p>\n
— Avi (@AviFelman) June 11, 2020<\/a><\/p><\/blockquote>\n